The TSX Composite Index gained only 21.44 points at 13,614.44 Tuesday, after gains totaling more than 500 points earlier on.
The Canadian dollar edged down 0.01 cents early Wednesday to 71.33 cents U.S.
June futures forged ahead 0.2% early Wednesday.
More than two dozen employees of Denver-based shale producer Ovintiv sent form letters this week to Texas energy regulators opposing any state-mandated oil production cuts in the face of plunging energy prices.
Canaccord Genuity cut the target price on Laurentian Bank to $23.00 from $32.00.
National Bank of Canada raises price target on Marathon Gold to $2.50 from $2.25.
BMO cut the target price on Uni-Select to $5.00 from $12.00.
Economically speaking, Canada Mortgage and Housing Corporation reported housing starts registered at 195,200, compared to the expected 172,500, and to 210,100 in February.
Statistics Canada said building permits decreased 7.3% to $8.6 billion in February, driven by the residential component. Declines were reported in five provinces, with the largest decrease reported in British Columbia (-39.2% to $1.3 billion).
ON BAYSTREET
The TSX Venture Exchange stayed positive 3.36 points Tuesday to 402.55.
ON WALLSTREET
U.S. stock futures pointed to a slightly higher open on Wednesday amid hope that the number of new coronavirus cases is starting to decline.
Futures for Dow Jones Industrials galloped 297 points, or 1.3%, early Wednesday to 22,788.
Futures for the S&P 500 gained 31.5 points, or 1.2%, at 2,673.50.
Futures for the NASDAQ Composite jumped 107 points, on 1.3%, to 8,119.
Stocks pressured by the coronavirus outbreak rose in the premarket. Carnival, Norwegian Cruise Line and Royal Caribbean all advanced at least 2.7%. MGM Resorts gained 3.8% while Wynn Resorts climbed 2.7%. American led airline stocks higher with a 5.1% jump. United and Delta traded higher by 4.9% and 3.6%, respectively.
However, some investors believe equities were getting ahead of the reality where coronavirus shutdowns are likely to weigh on the economy significantly beyond the second quarter. The major averages have rallied about 20% from their March 23 lows.
The Federal Open Market Committee is set to publish its meeting minutes from its March meeting. In an emergency decision ahead of that meeting, the Fed cut interest rates to zero, for the first time since the financial crisis.
In the U.S., the number of daily increases in coronavirus cases has reportedly fallen since Friday, according to data from Johns Hopkins University. Daily increases in global cases have also fallen since then.
Overseas, in Japan, the Nikkei 225 garnered 2.1% Wednesday, while Hong Kong, the Hang Seng Index lost 1.2%.
Oil prices took on 36 cents to $23.99 U.S. a barrel.
Gold prices dropped $6.10 to $1,677.60 U.S. an ounce.
Futures Soar After Tuesday’s Wild Ride